GOP Leaders Urge Fed to Remain on Sidelines, Dems Cry Foul

by Trish Turner
Fox News
Sep. 21, 2011

Congressional Republican leaders, in a rare move, sent a letter to the Federal Reserve urging its chairman, Ben Bernanke, not to intervene in the U.S. economy with further "monetary stimulus proposals," given that they feel the central bank's actions to date have not spurred a recovery.

"Respectfully, we submit that the board should resist further extraordinary intervention in the U.S. economy, particularly without clear articulation of the goals of such a policy, direction for success, ample data proving a case for economic action and quantifiable benefits to the American people," reads the letter signed by House Speaker John Boehner, R-Ohio, Senate Minority Leader Mitch McConnell, R-Ky, and their respective deputies, Sen. Jon Kyl of Arizona and Virginia's Eric Cantor.
[..]
"This is a heavyhanded attempt to meddle in the Fed's independent stewardship of monetary policy," accused Sen. Chuck Schumer, D-NY.

Read More